Here’s a piece of advice from the rich: You ought to be able to live comfortably on $25,000 to $50,000 per year.
This was one of the takeaways from the Country Financial Security Index, a survey of about 3,000 U.S. residents published a few months ago. More than half (55 percent) of the respondents consider themselves “middle-class,” even though some of them made incomes of as much as $200,000 a year.
Depending on where you live, $200k might not be enough to live on, at least comfortably. Which brings us to another result, something called the survey authors call the “comfort gap.” Nearly half of the respondents believe that $50,000 to $100,00 is enough to live comfortably. Yet only 34 percent consider the people who earn such incomes to be “financially well-off.”
Sure, they may have nice stuff. But actual security? Not gonna happen on that salary.
And here’s the part that concerns me: More than half of the respondents who described themselves as “wealthy” believe that an individual could live comfortably on $25,000 to $50,000 a year.